THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Friday, August 5, 1994 TAG: 9408050678
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: (Staff)
LENGTH: Short : 21 lines
G.P. Jackson and Bruce B. Gray, chairmen of the Boards of Bank of Suffolk and The Bank of Waverly, respectively, announced Thursday that the banks have agreed in principle to a merger. A holding company, James River Bankshares Inc., will be created to own the two banks; it will be based in Suffolk. The merger - subject to a definitive agreement and stockholder and bank regulatory approval - is expected to be complete in the first half of 1995. The banks will continue operating as community banks with their current names, management, and boards of directors. by CNB